According to the Central Bank of Russia, Russians are one of the most active cryptocurrency market participants in the world.
The Bank of Russia quoted an estimate reported by a major local bank in July 2021 that the total annual crypto transactions of the Russian population amounted to 350 billion rubles, or 5 billion U.S. dollars.
It is not clear whether the Bank of Russia has converted these estimates into the price of Bitcoin (Bitcoin) It has almost doubled since July, soaring from about US$30,000 in November to more than US$60,000.
In the report, the Bank of Russia also pointed out that the Russian Federation is one of the global leaders in terms of access to the Binance cryptocurrency exchange. according to According to data from digital intelligence provider SimilarWeb, in terms of Binance’s total traffic, Russia is the second largest country after Turkey.
The Bank of Russia also pointed out that Russia is One of the largest Bitcoin mining countries in the worldAccording to the Cambridge Bitcoin Power Consumption Index as of August 2021, it ranks third in terms of national hash rate.
Despite acknowledging Russia’s leading position in the global cryptocurrency market, the Bank of Russia outlined the main risks associated with the industry, including risks related to financial stability, investor protection, money laundering and criminal financing, and ESG risks.
The central bank did not recommend any immediate measures to deal with these risks, but said it would closely monitor the market to identify potential threats:
“Currently, the relationship between digital currencies and the financial sector is still limited. However, the rapid growth and widespread adoption of digital currencies will bring higher risks to the global and Russian financial markets.”
The Bank of Russia takes a tough stance on cryptocurrencies, President Elvira Nabiullina believes Responsible governments should not promote the adoption of cryptocurrenciesThe central bank Do not allow local banks to process cryptocurrencies And promote the use of their own digital currency. This has led to a situation where Russian cryptocurrency exchanges are now unable to provide services legally.